TAO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0409%/8h= −44.8% APRnext payment −$0.51 per $10,000 · paid last 24h −0.084%

Price spread now: ApeX Omni against Phoenix−0.167%7-day average −0.104% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$650.648% of the position

Long on Phoenix Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.136%−$14 on $10k

Price spread, last 3 days (all we have)+0.166%+$17 · spread now −0.167%, 7d avg −0.104%

Together, before fees+0.030%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and ApeX Omni is 0.063% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.104%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.136% in total (about -7.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.51 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TAO	317.00	0.0525	pay 0.0066% / 1h	1m 44s	$332K	$624K	5x
Short	ApeX Omni TAOUSDT	316.47	0.0117	get 0.0015% / 1h	1m 44s	$48K	$267K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee ApeX OmnibpOrdersPrice spread, now −0.167%Rate

Funding earned: −$85.88
Price spread: −0.167% → −0.104%: −$6.29
Slippage, 4 orders: −$47.78
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$156.94
Costs to cover: 0.648%
Break-even: never at this rate

Slippage from Phoenix: live order book, 6 min ago; ApeX Omni: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix live order book, 6 min ago	3.15 bp	19.0 bp −$19	85.3 bp −$853	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 5 min ago	5.51 bp	16.5 bp −$17	129.1 bp −$1,291	doesn't fit	doesn't fit

TAO on 43 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk TAO-USD	−0.1228%	1h	316.14	−0.271%	$168K	$40K	10x	as long as short
dYdX TAO-USD	0.0000%	1h	314.65	−0.742%	$126K	$88K	5x	as long as short
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0002%	1h	314.10	−0.916%	$12K	—	150x	as long as short
Popdex TAOUSDT	+0.0096%	1h	314.66	−0.738%	$44K	$605K	20x	as long as short
Binance TAOUSDT	+0.0100%	4h	314.08	−0.920%	$90.2M	$452.8M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	314.00	−0.946%	$25.5M	$108.5M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.10	−1.230%	$12.7M	$51.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.37	−1.145%	$100.5M	$137.8M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.00	−1.262%	$18.2M	$29.8M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.91	−0.975%	$34.9M	$51.7M	50x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TAOUSDC	+0.0100%	4h	317.06	+0.017%	$40K	$294K	10x	as long as short
GRVT TAO_USDT_Perp	+0.0100%	4h	316.35	−0.205%	$524K	$958K	10x	as long as short
Orderly PERP_TAO_USDC	+0.0100%	4h	314.19	−0.886%	$56K	$316K	10x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.88	−0.984%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	314.03	−0.937%	$125K	$422K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	314.55	−0.774%	$173K	$998	3x	as long as short
Bullet TAO-USD	+0.0109%	1h	314.49	−0.792%	$12K	$17K	20x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0113%	1h	314.05	−0.932%	$16K	$1.5M	25x	as long as short
ApeX Omni TAOUSDTshort	+0.0117%	1h	316.47	−0.167%	$48K	$267K	50x
Katana Perps TAO-USD	+0.0120%	8h	314.92	−0.656%	$644	$648K	5x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0172% / S +0.0102%	1h	314.07	−0.923%	$445K	—	100x	as long as short
Pacifica TAO	+0.0185%	1h	314.74	−0.713%	$373K	$376K	10x	as long as short
Aster TAOUSDT	+0.0191%	4h	313.09	−1.232%	$1.3M	$9.0M	50x	as long as short
Arcus TAO-USD	+0.0201%	1h	314.57	−0.767%	$83K	$550K	5x	as long as short
Paradex TAO-USD-PERP	+0.0237%	8h	314.44	−0.809%	$14K	$1K	10x	as long as short
Polymarket Perps TAO-USD	+0.0260%	1h	314.64	−0.744%	$92K	$633K	5x	as long as short
BloFin TAO-USDT	+0.0340%	4h	314.26	−0.864%	$4.4M	$10.7M	100x	as long as short
Kraken Futures PF_TAOUSD	+0.0488%	1h	314.08	−0.923%	$5.7M	$20.3M	50x	as long as short
Phoenix TAOlong	+0.0525%	1h	317.00	long leg	$332K	$624K	5x
01 Exchange TAOUSD	+0.0560%	1h	314.68	−0.732%	$3K	$4K	5x	as long as short
Injective TAO/USDC PERP	+0.0571%	1h	320.46	+1.091%	$23K	$2K	12x	as long as short
Variational Omni TAO	+0.0571%	4h	316.78	−0.071%	$5.5M	$8.7M	—	as long as short
Phemex TAOUSDT	+0.0593%	4h	314.20	−0.883%	$3.4M	$7.8M	50x	as long as short
Reya TAORUSDPERP	+0.0696%	1h	314.60	−0.757%	$362	—	20x	as long as short
BingX TAO-USDT	+0.0704%	4h	313.92	−0.972%	—	$30.7M	—	as long as short
Nado TAO-PERP	+0.0746%	1h	314.59	−0.759%	$778K	$2.1M	10x	as long as short
Bybit TAOUSDT	+0.0752%	4h	314.11	−0.912%	$64.0M	$134.6M	50x	as long as short
Backpack TAO_USDC_PERP	+0.0797%	1h	313.64	−1.060%	$317K	$818K	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0984%	1h	314.86	−0.675%	$1.5M	$6.4M	50x	as long as short
Extended TAO-USD	+0.1088%	1h	313.29	−1.169%	$874K	$2.3M	25x	as long as short
RISEx TAO/USDC	+0.1141%	1h	314.41	−0.817%	$417K	$602K	5x	as long as short
Lighter TAO	+0.1432%	1h	314.45	−0.804%	$1.6M	$6.1M	5x	as long as short
Hyperliquid TAO	+0.1724%	1h	314.45	−0.804%	$100.6M	$91.7M	5x	as long as short